- DeFi remains
EBA and ESMA analyse recent developments in crypto-assets
BoE publishes progress update and design note on the digital pound
On 14 January 2025, the Bank of England (BoE) published a progress update and a design note on the blueprint framework for a digital pound.
Background
The BoE and HM Treasury are exploring the possibility of introducing a digital pound, as a digital complement to banknotes. If introduced, the digital pound would be
The Financial Services and Markets Act 2000 (Collective Investment Schemes) (Amendment) Order 2025
On 9 January 2025, the Financial Services and Markets Act 2000 (Collective Investment Schemes) (Amendment) Order 2025 (the Order) was laid before Parliament and published, along with an explanatory memorandum.
The purpose of the Order is to ensure that arrangements for qualifying cryptoasset staking do not amount to a collective investment scheme
EBA consultation on draft RTS on the prudential treatment of crypto assets exposures under the CRR
On 8 January 2025, the European Banking Authority (EBA) published a consultation paper on draft Regulatory Technical Standards (RTS) specifying the technical elements necessary for institutions to calculate and aggregate crypto-asset exposures in relation to the prudential treatment of such exposures.
Background
Regulation (EU) 2024/1623 amending Regulation (EU) No 575/2013 (
ESMA statement on MiCAR transitional measures
On 19 December 2024, the European Securities and Markets Authority (ESMA) issued a statement regarding the transitional regime for crypto asset service providers (CASPs) under Article 143(3) of the Regulation in markets in crypto assets (MiCAR).
Article 143(3) of the MiCAR states that “Crypto-asset service providers that provided their
MiCAR – RTS specifying the detailed content of information necessary to carry out the assessment of a proposed acquisition of a qualifying holding in a crypto-asset service provider
On 18 December 2024, the European Commission adopted a Delegated Regulation supplementing the Regulation on markets in crypto assets with regard to regulatory technical standards specifying the detailed content of information necessary to carry out the assessment of a proposed acquisition of a qualifying holding in a crypto-asset service provider.
The Delegated Regulation enters into
FCA publishes discussion paper on admissions and disclosures and the market abuse regime for cryptoassets
On 16 December 2024, the Financial Conduct Authority (FCA) published a discussion paper, DP24/4, on admissions and disclosures (A&D) and the market abuse regime for cryptoassets (MARC).
The proposals
The FCA has published DP24/4 to help inform the development of its rules for cryptoasset A&D and the MARC.
What is next for UK crypto regulation: latest government announcements provide market with welcome reassurance and clarity
This article first appeared in Thomson Reuters Regulatory Intelligence.
The UK authorities have recently made a number of announcements that reaffirm and further clarify their intentions with digital assets.
On November 21, Tulip Siddiq, the economic secretary to HM Treasury, gave a speech on the government’s approach to tokenisation and regulation at the City &
Commission Delegated Regulation supplementing MiCAR with regard to RTS specifying adjustment of own funds requirement and minimum features of stress testing programmes of issuers of ARTs or of EMTs
On 13 December 2024, the European Commission adopted a draft Delegated Regulation supplementing the Regulation on markets in crypto-assets (MiCAR) with regard to regulatory technical standards (RTS) specifying adjustment of own funds requirement and minimum features of stress testing programmes of issuers of asset-referenced tokens (ARTs) or of e-money
PRA issues data request on firms’ exposures to tokenised assets, stablecoins and other cryptoassets
On 12 December 2024, the Prudential Regulation Authority (PRA) published a data request relating to firms’ exposures to tokenised assets, stablecoins and other cryptoassets.
Through the data request, the PRA is seeking to gather information on firms’ current and expected future cryptoasset exposures and firms’ application of the Basel framework for the prudential